Genco Shipping & Trading (NYSE:GNK) CAO Joseph Adamo Sells 6,340 Shares of Stock

Genco Shipping & Trading Limited (NYSE:GNK) CAO Joseph Adamo sold 6,340 shares of the business’s stock in a transaction dated Monday, February 23rd. The shares were sold at an average price of $23.67, for a total transaction of $150,067.80. Following the transaction, the chief accounting officer owned 38,519 shares in the company, valued at $911,744.73. This represents a 14.13% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.

Joseph Adamo also recently made the following trade(s):

• On Wednesday, February 18th, Joseph Adamo sold 3,227 shares of Genco Shipping & Trading stock. The stock was sold at an average price of $23.27, for a total transaction of $75,092.29.

Genco Shipping & Trading Stock Performance

Genco Shipping & Trading stock opened at $23.67 on Tuesday. Genco Shipping & Trading Limited has a fifty-two week low of $11.20 and a fifty-two week high of $24.10. The stock’s 50 day simple moving average is $20.05 and its two-hundred day simple moving average is $18.35. The company has a debt-to-equity ratio of 0.21, a quick ratio of 1.84 and a current ratio of 2.39. The stock has a market cap of $1.03 billion, a price-to-earnings ratio of -215.18, a PEG ratio of 5.49 and a beta of 1.21.

Genco Shipping & Trading (NYSE:GNK) last released its earnings results on Tuesday, February 17th. The shipping company reported $0.39 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.04. Genco Shipping & Trading had a negative return on equity of 0.12% and a negative net margin of 1.28%.The company had revenue of $109.92 million during the quarter, compared to analysts’ expectations of $78.52 million. During the same quarter last year, the business posted $0.29 EPS. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. As a group, analysts expect that Genco Shipping & Trading Limited will post 0.48 earnings per share for the current fiscal year.

Genco Shipping & Trading Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Wednesday, March 11th will be given a dividend of $0.50 per share. This is an increase from Genco Shipping & Trading’s previous quarterly dividend of $0.15. This represents a $2.00 annualized dividend and a yield of 8.4%. The ex-dividend date of this dividend is Wednesday, March 11th. Genco Shipping & Trading’s payout ratio is -1,818.18%.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of GNK. American Century Companies Inc. lifted its stake in shares of Genco Shipping & Trading by 4.0% in the third quarter. American Century Companies Inc. now owns 1,611,227 shares of the shipping company’s stock worth $28,680,000 after buying an additional 62,030 shares in the last quarter. Townsend & Associates Inc lifted its position in Genco Shipping & Trading by 0.7% in the 4th quarter. Townsend & Associates Inc now owns 1,276,311 shares of the shipping company’s stock valued at $25,373,000 after acquiring an additional 8,488 shares in the last quarter. Focus Partners Wealth boosted its stake in Genco Shipping & Trading by 3.1% during the 4th quarter. Focus Partners Wealth now owns 863,101 shares of the shipping company’s stock valued at $15,385,000 after purchasing an additional 26,326 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Genco Shipping & Trading by 14.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 748,707 shares of the shipping company’s stock valued at $13,799,000 after purchasing an additional 96,703 shares during the last quarter. Finally, Millennium Management LLC increased its holdings in shares of Genco Shipping & Trading by 100.3% in the 4th quarter. Millennium Management LLC now owns 543,290 shares of the shipping company’s stock worth $10,013,000 after purchasing an additional 272,094 shares in the last quarter. 58.62% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on GNK shares. Zacks Research upgraded shares of Genco Shipping & Trading from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 17th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Genco Shipping & Trading in a research note on Monday, December 29th. Alliance Global Partners lowered shares of Genco Shipping & Trading from a “buy” rating to a “neutral” rating in a report on Thursday, February 19th. Finally, Wall Street Zen downgraded Genco Shipping & Trading from a “hold” rating to a “sell” rating in a research note on Sunday, December 14th. Three research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $21.00.

Genco Shipping & Trading Company Profile

Genco Shipping & Trading Limited is a leading global owner and operator of drybulk vessels, providing seaborne transportation services for major commodities such as iron ore, coal, grain and fertilizers. The company’s fleet comprises Capesize, Panamax and Supramax vessels, which are chartered to a broad base of international charterers under both spot and period contracts. Genco’s focus on modern, fuel-efficient tonnage supports reliable cargo delivery across a variety of trade routes and market conditions.

In addition to vessel ownership and operation, Genco offers ship management, maintenance and technical support services designed to maximize fleet performance and safety.